Offering a fixed rate of 5.84 per cent and no early repayment charge with 90 per cent loan to value, it is available for purchase or remortgage but is not available to first-time buyers. Having been launched in partnership with TMB, both self-employed and employed individuals with non-standard income profiles are able to apply for this self-cert package.
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An early repayment charge of six per cent is payable until 31 August 2008 and one of five per cent until 31 August 2009. A 0.75 per cent arrangement fee is applicable, which can be added to the loan, the maximum loan limit is £350,000. A procuration fee of 0.5 per cent is also payable.
This is an exclusive product available through Trustguard via TMB, and although not a first venture into self-cert, the company described it as an attractive product with a very competitive rate.
Sian Brown, Trustguard national sales manager, said: “This is an unbeatable combination for those looking for a low interest rate self-certification mortgage – 5.84 per cent fixed for two years, 90 per cent LTV and no ERC overhang. We are expecting a lot of market interest in this product, which has been designed to tick all the boxes.”
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Mike Pendergast, IFA at Zen Financial Services, said: “It is a reasonable rate for movers and remortgagers and the fact that there is no early repayment charge gives a lot of flexibility and there will be no penalties which is quite rare. I suspect that the arrangement fee will be quite high but the rate is very good, I did a self-cert application recently and the best rate I could find was 6.2 per cent.”
